Commercial Real Estate Transactions 01-08-2019

1. A Miami limited-liability company called Uptown Plaza Associates has sold Uptown Plaza shopping center located at the NEC of Camelback Rd and Central Ave for $51.6M. Levine Investments paid cash for the center.

2. Media giant Gannett Co., parent of The Arizona Republic and azcentral.com, has sold its 10-story office building and parking garage at 200 E. Van Buren St., Phoenix, for $37.65M. ViaWest Group purchased the building through an LLC called VWP EVB 200 Office.

6. Andersen Corp., a Minnesota-based window and door manufacturer, has purchased 68 acres of land near Cotton Ln and Commerce Dr in Goodyear for $13.35M from The Opus Group. In September, the company unveiled plans to build a 500KSF manufacturing and distribution space.

8. On behalf of Cohen Asset Management, Cushman & Wakefield announced the firm facilitated the sale of the Phoenix Airport Industrial Center, a 77.6KSF building at 824 E. University Dr, Phoenix. EverWest Real Estate Investors purchased the asset for $8.65M.

14. Land Advisors Organization’s Scottsdale team of Ryan Semro, Ben Heglie and Bret Rinehart represented the buyer, Ironline Partners, in the transaction of 65.76 acres of farmland south of the SWC of Apache Rd and Southern Ave in Buckeye from the Hayden Family for $2.14M. The property was purchased as an investment for the eventual development of a residential community.

15. LaSalle Investment Management announced that it has acquired San Melia, a 488-unit luxury multifamily community in Ahwatukee, on behalf of its U.S. core open-end real estate fund, LaSalle Property Fund. CBRE brokered the sale. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE Multifamily Institutional Properties in Phoenix represented the institutional seller, ChrisKen Group. No price was given.

Lease Transactions

16. Co-working giant WeWork has leased four stories, totaling 54KSF, in the Esplanade, 2425 E. Camelback Rd., Phoenix, from LBA Realty in order to open its first Phoenix location in the third quarter of 2019.

17. Jupiter Research, LLC, a global leader in the development, manufacture and wholesale supply of electronic inhalation products, has leased 12.4KSF of space at the Camelback Collective, 2801 E. Camelback Rd, Phoenix, from Holualoa Companies for its corporate headquarters.

19. Another 80 Sears and Kmart stores will be shuttered nationwide as part of the bankruptcy restructuring by Sears Holding Corp. This includes the Kmart store at 7055 E Broadway Rd in Tucson. The closure of the latest set of 80 Kmart and Sears stores will be completed in March 2019. A liquidation sale at the Tucson Kmart store to be closed is expected to begin within two weeks.